Compare legal limits, fees and the true cost of small loans in your state before you talk to any lender. Compare legal limits, fees and the true cost of small loans in your state.
Credit Unions vs Payday Loans in Meridian, MS
4 credit unions are headquartered in Meridian, with 20,196 members in total. Credit unions are member-owned and often offer small personal loans and payday alternative loans (PALs) at far lower rates than payday lenders.
- Credit unions
- 4
- Members
- 20,196
- Federal
- 4
- State-chartered
- 0
Credit unions vs payday loan stores in Meridian
Meridian has 6 payday, installment and title loan stores but only 4 credit unions headquartered here — about 1.5 loan stores for every credit union. Local credit unions count 20,196 members — roughly 34 memberships per 100 residents.
Credit unions
4
6.8 per 100k residents
20,196 members
Payday & loan stores
6
10.2 per 100k residents
6 store chains
Biggest loan store chains in Meridian: 1st Franklin Financial (1), Advance America (1), Lendmark Financial Services (1), Mariner Finance (1), OneMain Financial (1).
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~521% APR) | $100.00 every 2 weeks | $600.00 |
| Credit union PAL, 3 monthly payments (28% APR + $20 fee) | $174.50 a month | $43.51 |
- You keep with a credit union PAL over 3 months
- $556.49 payday costs 14× more
Payday: the MS maximum — $100 on a $500 loan for 2 weeks, paid again each time the loan is renewed or taken out again (6 times in 3 months). PAL: payday alternative loan from a federal credit union, capped at 28% APR with an application fee of up to $20.
What it means for a household in Meridian
- Median household income
- $47,098
- Payday fee of $100, share of two weeks' income
- 5.5%
- Hours of work to pay the $100 fee
- 7.7 hours
- PAL payment of $174.50, share of monthly income
- 4.4%
- A $400 emergency equals
- 3.1 days of income
- Households earning under $25,000
- 32.1%
- Residents below the poverty line
- 27.5%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Meridian are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Mississippi
| Payday loan in MS | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $500 | $200 – $2,000 |
| Fee limit | $20 per $100 advanced ($100) | Application fee up to $20 |
| Typical APR | ~521% | Up to 28% |
| Term | Usually 2–4 weeks, due in one payment | 1 to 12 months, in installments |
| Credit check | Usually none; a bank account and income are required | Membership required; payments can be reported to credit bureaus |
Payday rules: Mississippi law as summarized on our Mississippi payday page. PAL rules: National Credit Union Administration (NCUA) rules for federal credit unions (PAL I and PAL II); state-chartered credit unions may offer similar small loans.
Credit unions headquartered in Meridian
| Credit union | Address | Members | Website |
|---|---|---|---|
| 1st Mississippi Federal Credit UnionFederal | 600 19th Ave Meridian, MS 39301 | 10,630 | 1stms.com |
| Meridian Mutual Federal Credit UnionFederal | PO Box 310 Meridian, MS 39302 | 7,606 | meridianmutualfcu.com |
| Meridian Mississippi Ang Federal Credit UnionFederal | PO Box 4232 Wss Meridian, MS 39304 | 1,625 | meridianangfcu.org |
| Meridian Postal Federal Credit UnionFederal | P O Box 654 Meridian, MS 39302 | 335 | — |
Payday and installment loan stores in Meridian
For comparison: storefront payday, installment and title lenders in Meridian with addresses, phone numbers and hours. Check a credit union first — a PAL or small personal loan usually costs far less.
| Address | Phone | Hours | Google rating |
|---|---|---|---|
| 4820 Poplar Springs Dr Ste C Meridian, MS 39305 | (601) 483-9700 | — | 5.0 |
| 93 S Frontage Rd., Ste. A Meridian, MS 39301 | (601) 482-4789 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat–Sun closed |
— |
| 103 S Frontage Rd Ste 302 Meridian, MS 39301 | (601) 453-4310 | — | 4.8 |
| 2126 N Frontage Rd Meridian, MS 39301 | (601) 776-6951 | — | 4.8 |
| 2514 Riverbirch Dr Ste 118 Meridian, MS 39307 | (601) 482-8561 | — | 4.8 |
| 1021 MS-39 Meridian, MS 39301 | (601) 482-7218 | — | 4.9 |
More about Meridian
Only credit union headquarters are listed, with the address on file with the NCUA; phone numbers and branch locations are on each credit union’s website. Many credit unions also have branches in Meridian and nearby — check membership requirements, as some are open to anyone who lives or works in the area. Loan stores: storefront locations of major payday, installment and title lenders; call ahead to confirm hours.